<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K/A
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: May 29, 1997
TURBOSONIC TECHNOLOGIES, INC.
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(Exact name of Registrant as specified in charter)
Delaware 0-21832 13-1949528
- --------------- --------------------- --------------
(State or other (Commission File No.) (IRS Employer
jurisdiction of Identification
incorporation) Number)
550 Parkside Drive, Unit A-14, Waterloo, Ontario, Canada N2L 5V4
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(Address of principal executive offices) (Postal Code)
Registrant's telephone number, including area code: (519) 885-5513
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Sonic Environmental Systems, Inc.
141 New Road, Parsippany, New Jersey 07054
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(Former name or former address, if changed from last report)
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ITEM 7. Financial Statements, Pro Forma Financial Statements
----------------------------------------------------
b) Pro Forma Financial Statements:
Pro forma condensed consolidated balance sheet (unaudited) of
Registrant as of January 31, 1997.
Pro forma condensed consolidated statement of operations (unaudited)
of Registrant for the twelve months ended April 30, 1996.
Pro forma condensed consolidated statement of operations (unaudited)
of Registrant for the nine months ended January 31, 1997.
Notes to unaudited consolidated pro forma financial statements.
c) Exhibits:
Exhibit No. Description
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10.1 - Asset Purchase Agreement dated March __, 1997 between
Reftec International, Inc. and Registrant (1).
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(1) Filed on May 29, 1997 as an exhibit to this Report.
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TurboSonic Technologies,
Inc. and subsidiaries
Consolidated Pro Forma Balance
Sheet as at January 31, 1997
<TABLE>
<CAPTION>
Consolidated
Historical Pro Forma 31-Jan-97 Gain on Pro Forma
(Unaudited) Adjustments (unaudited) Disposal as adjusted
----------- ----------- ----------- -------- -----------
<S> <C> <C> <C> <C> <C>
Assets
Current Assets:
Cash $198,208 $198,208 $0 $198,208
Contracts and accounts receivable, net 0
of allowance for doubtful accounts of
$75,000 469,229 (267,986) 201,243 82,000 283,243
Costs and estimated earnings in excess
of billings on uncompleted contracts 212,249 212,249 212,249
Inventories 280,005 (172,173) 107,832 107,832
Other current assets 34,426 (350) 34,076 34,076
Net assets of discontinued operations 59,772 333,005 392,777 (333,005) 59,772
------------- ------------- ------------ ----------- ------------
Total current assets $1,253,889 ($107,504) $1,146,385 ($251,005) $895,380
Equipment and leasehold improvements,
at cost, net of depreciation 118,550 (13,500) 105,050 105,050
Due from related 17,232 17,232 17,232
parties
Investment in unconsolidated 10,746 10,746 10,746
subsidiaries
Intangible assets, less accumulated 962,428 (261,789) 700,639 700,639
amortization
</TABLE>
<TABLE>
<CAPTION>
Consolidated
Historical Pro Forma 31-Jan-97 Gain on Pro Forma
(Unaudited) Adjustments (unaudited) Disposal as adjusted
----------- ----------- ----------- -------- -----------
<S> <C> <C> <C> <C> <C>
Assets
Other assets 118,954 118,954 118,954
------------- ------------- ------------ ----------- ------------
Total Assets $2,481,799 ($382,793) $2,099,006 ($251,005) $1,848,001
============= ============= ============ =========== ============
Liabilities and stockholders' equity (deficit)
Current liabilities:
Note payable $1,055,216 ($58,220) $996,996 ($120,000) $876,996
Current portion of capital lease obligation 5,298 5,298 5,298
Accounts payable - trade 1,984,017 (227,231) 1,756,786 (200,000) 1,556,786
Accrued expenses 663,204 (97,342) 565,862 565,862
Billings in excess of costs and estimated
earnings on uncompleted contracts 8,432 8,432 8,432
Provision for loss on disposal of 176,595 176,595 176,595
discontinued operations
------------- ------------- ------------ ----------- ------------
Total current liabilities $3,892,762 ($382,793) $3,509,969 ($320,000) $3,189,969
Stockholder's equity (deficit):
Common stock, par value $0.10 per
share, 10,000,000 shares authorized,
9,847,737 shares issued and outstanding 984,737 984,737 984,737
Capital in excess of par value 9,688,122 9,688,122 9,688,122
Accumulated deficit (12,083,822) (12,083,822) 68,995 (12,014,827)
------------- ------------- ------------ ----------- ------------
Total stockholders' equity (deficit) ($1,410,963) $0 ($1,410,963) $68,995 ($1,341,968)
------------- ------------- ------------ ----------- ------------
Total Liabilities and Stockholders' Equity $2,481,799 ($382,793) $2,099,006 ($251,005) $1,848,001
============= ============= ============ =========== ============
</TABLE>
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TurboSonic Technologies,
Inc. and subsidiaries
Consolidated Pro Forma Statement of
Operations for the twelve months ended April 30, 1996
(unaudited)
<TABLE>
<CAPTION>
Consolidated
Historical Pro Forma Pro Forma
Amounts Adjustments as adjusted
------------------- ------------------- -------------------
<S> <C> <C> <C>
Original equipment revenue $1,778,114 ($486,333) $1,291,781
Rehabilitation, maintenance and 1,510,670 0 1,510,670
spare parts revenue
------------------- ------------------- -------------------
Total revenue 3,288,784 (486,333) 2,802,451
------------------- ------------------- -------------------
Cost of original equipment 1,987,854 (675,415) 1,312,439
Cost of rehabilitation, maintenance 1,120,119 0 1,120,119
and spare parts
------------------- ------------------- -------------------
Total cost of goods 3,107,973 (675,415) 2,432,558
------------------- ------------------- -------------------
Gross profit 180,811 189,082 369,893
------------------- ------------------- -------------------
Selling, general and administrative 3,203,496 (246,914) 2,956,582
expenses
------------------- ------------------- -------------------
Loss from operations (3,022,685) 435,996 (2,586,689)
Interest expense (98,596) 0 (98,596)
Other income 43,569 0 43,569
------------------- ------------------- -------------------
Loss from continuing operations ($3,077,712) $435,996 ($2,641,716)
</TABLE>
<TABLE>
<CAPTION>
Consolidated
Historical Pro Forma Pro Forma
Amounts Adjustments as adjusted
------------------- ------------------- -------------------
<S> <C> <C> <C>
=================== =================== ===================
Weighted average number of shares 9,847,737 9,847,737 9,847,737
outstanding
=================== =================== ===================
Loss per share from continuing ($0.31) $0.00 ($0.27)
operations
=================== =================== ===================
</TABLE>
<PAGE>
TurboSonic Technologies,
Inc. and subsidiaries
Consolidated Pro Forma Statements of
Operations for the nine months ended January 31, 1997
(unaudited)
<TABLE>
<CAPTION>
Consolidated
Historical Pro Forma Pro Forma
Amounts Adjustments as adjusted
------------------- ------------------- -------------------
<S> <C> <C> <C>
Original equipment revenue $1,591,082 ($917,571) $673,511
Rehabilitation, maintenance and
spare parts revenue 982,934 (70,174) 912,760
------------------- ------------------- -------------------
Total revenue 2,574,016 (987,745) 1,586,271
------------------- ------------------- -------------------
Cost of original equipment 1,084,505 (701,197) 383,308
Cost of rehabilitation, maintenance 409,188 (40,800) 368,388
and spare parts
------------------- ------------------- -------------------
Total cost of goods 1,493,693 (741,997) 751,696
------------------- ------------------- -------------------
Gross profit 1,080,323 (245,748) 834,575
------------------- ------------------- -------------------
Selling, general and administrative 1,381,628 (514,908) 866,720
expenses
------------------- ------------------- -------------------
Loss from operations (301,305) 269,160 (32,145)
Interest expense 0 0 0
Other income 30,154 0 30,154
</TABLE>
<TABLE>
<CAPTION>
Consolidated
Historical Pro Forma Pro Forma
Amounts Adjustments as adjusted
------------------- ------------------- -------------------
<S> <C> <C> <C>
------------------- ------------------- -------------------
Loss from continuing operations ($271,151) $269,160 ($1,991)
=================== =================== ===================
Weighted average number of 9,847,737 9,847,737 9,847,737
shares outstanding
=================== =================== ===================
Loss per share from continuing ($0.03) $0.00 ($0.00)
operations
=================== =================== ===================
</TABLE>
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TURBOSONIC TECHNOLOGIES, INC. AND SUBSIDIARIES
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NOTES TO UNAUDITED CONSOLIDATED PRO FORMA FINANCIAL STATEMENTS
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A. UNAUDITED PRO FORMA ADJUSTMENTS:
A description of the adjustments included in the unaudited pro forma
financial statements are as follows:
Pro Forma Consolidated Balance Sheet - January 31, 1997:
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(1) Reflects the proceeds from the sale of the assets of Sonic
Environmental Controls, Inc. to Reftec International, Inc.,
together with the recognition of the gain on the sale.
(2) Reflects the entry made in the April 1996 financial statements to
reflect the sale of the assets, and to segregate such total under
the caption "Net assets of discontinued operations".
Pro Forma Consolidated Statement of Operations - January 1997:
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(1) Reflects the revenue, direct costs, depreciation and selling,
general and administrative expenses applicable to the sale of the
assets of Sonic Environmental Controls, Inc. to Reftec
International, Inc. for the nine months ended January 31, 1997.
Pro Forma Consolidated Statement of Operations - April 1996:
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(1) Reflects the revenue, direct costs, depreciation and selling,
general and administrative expenses applicable to the sale of the
assets of Sonic Environmental Controls, Inc. to Reftec
International, Inc. for the twelve months ended April 30, 1996.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
Dated: May 26, 1999 TURBOSONIC TECHNOLOGIES, INC.
(registrant)
By: /s/Patrick J. Forde
-------------------
Patrick J. Forde
Secretary and Treasurer
(Chief Financial Officer)
